February 13th marks the deadline for Public Comment on the draft version of the Volcker Rule. The Volcker Rule is a new regulation that aims to curb risky behavior at banks that have enjoyed bailouts and cheap funding from the Fed. It does so by prohibiting big banks from doing two things:

1. Proprietary Trading
2. Owning Hedge Funds or Private Equity Funds

Between now and the summer, the SEC, The Fed, the FDIC and the OCC will be deciding on what the final rule will look like. The banking lobby would love for the rule to be watered down. We want to march on the Fed and the SEC to let them know that we are watching, and we are asking them not to bow to the banks, but to draft a strict, loophole-free version of the Volcker Rule.

Monday, February 13th is the deadline for the public to submit comment on the draft of the Volcker Rule. To learn more about how to comment, visit Occupy the SEC.

About Lambert Strether

Lambert Strether has been blogging, managing online communities, and doing system administration 24/7 since 2003, in Drupal and WordPress. Besides political economy and the political scene, he blogs about rhetoric, software engineering, permaculture, history, literature, local politics, international travel, food, and fixing stuff around the house. The nom de plume “Lambert Strether” comes from Henry James’s The Ambassadors: “Live all you can. It’s a mistake not to.” You can follow him on Twitter at @lambertstrether. http://www.correntewire.com

Eventually they will figure out that the SEC, the Fed, et. al. DO NOT GIVE A SHIT ABOUT THEIR OPINION AND NEVER WILL. It’s like petitioning the King of England for independence. Not gonna happen. Time to water that tree of liberty, folks.

(1) A half page Flyer announcing the HR 2990
which should be handed to everyone at a demonstration.

(2) A full page flyer describing HR 2990,
a hard-hitting piece that should be handed to the same people at a demonstration.

(3) The Need for Monetary Reform,
a one page (double-sided) sheet for those who want to know more. It’s exactly 800 words and you can reprint it easily, even get it into newspapers.

(4) A fact sheet on HR 2990
describing what the bill does to stabilize America’s financial situation, including the creation of 7 million of jobs.

(5) Our 32 page booklet,
which includes some history, our answers to the 20 most frequently asked questions, the American Monetary Act, and much more. Copy and photocopy the one attached, or get preprinted ones from us at 10 copies for $30.

(6) HR 2990

(7) Follow The Dick Distelhorst Plan to Advocate for Monetary Reform!

………..

Dear Friends of the American Monetary Institute,

We now face a major opportunity its important to respond to. Across the country thousands of Americans, young and old, are demonstrating around the Federal Reserve Banks of Chicago, and Boston; Wall Street in NY and ever more places, linked to below.

snip

What do the Occupiers want? Mainly Economic Justice!

To get economic justice, you must have monetary justice and the AMI has been working at gaining monetary justice since 1996. We have made progress. Our research results, The Lost Science of Money by Stephen Zarlenga demonstrate that decades of research and centuries of experience shows that three things are absolutely needed:

The present form of the Federal Reserve System must be ended – it must become a part of our government – what people mistakenly think it is now! In the Treasury Department is best.
The accounting privilege that banks now have to create what we use for money out of debt, must stop once and for all. What’s called fractional reserve banking must be decisively ended.
The Congress must understand and be empowered to create new money and spend it into circulation as money, not debt. For example the $2.2 trillion dollars the Engineers tell us is needed for infrastructure over the next 5 years. As the system progresses, health care and education, and grants to the states are made.

Now some good news: Congressman Dennis Kucinich (D Ohio. 10th Dist) on September 21st, introduced HR2990 which does those very things!!!! Congressman Conyers of Detroit co-sponsored it.

We need to see that people realize there is a bill which achieves these goals, already in the Congress. That they can help by asking their representatives and Senators to support it. Also their school Boards, State reps and Senators, City Councils, newspaper editors, etc, etc, etc.

We have materials which can help them do all that, available for the asking, but first they have to become aware of HR 2990, and there are five attachments, at the top of the page, which will help you make it clear to them.

I’m suggesting you print these out, photocopy several hundred of them and head to the nearest demonstration! Stay at least a few hours. Let me know what happens. To find the nearest demonstration to your location, Google: “Occupy(insert your city here)” and check it out.

Warm regards to you and good luck! Remember this is a non-partisan activity!

Hooray for you! I love Stephen Zarlenga. His “Lost Science of Money” is a treat. Educate Occupy on HR 2990. “You can’t borrow your way out of debt”. The American people shouldn’t have to borrow any money from any bank whether there are good rules or not.

Also, it says the Volcker will do two things (above.) But a year ago, YS said those two things wouldn’t address the systemic malfeasance/problems to avoid another banking crisis (the link is under the Volcker highlight.) Why the support now?

What needs to be done is corporations should have to pay dividends to there share holders by law at a rate of maybe 30%
unless there is a good reason that they can prove they cant pay. As Obama one said (and believe me im no fan of him). “We need to become a society of savers and investors” lets face it consumerism isnt working so well as are “jobs” but Warren Buffet is making a decent living.

Savers and investors? He means save OUR money in places where the OverClass can steal it and invest it aGAINST our survival.

If I save a thousand dollars and then invest it into garden tools, soil conditioning and upgrading, and ect. to enhance my own market-free food production, that makes me a saver and an investor right there. Just not the way Obama means.

Not aware of the legislation/regulation to be enacted in any detail on the Volcker Rule, the Governor of Bank of Canada and federal finance minister are lobbying not in favour of implementation. There are several Canadian charter banks operating in USA which may be impacted in some manner. I wonder if their are other entreaties by other foreign banks in same issue.